How the Beginning of the Biden Presidency Has Unexpectedly Impacted Your Finances

Mandatory Credit: Photo by Evan Vucci/AP/Shutterstock (11776013z)President Joe Biden speaks during an event to commemorate the 50 millionth COVID-19 shot, in the South Court Auditorium on the White House campus, in WashingtonBiden, Washington, United States - 25 Feb 2021.
Evan Vucci/AP/Shutterstock / Evan Vucci/AP/Shutterstock

No matter your political persuasion, the Biden presidency is in full effect — and if the change in management hasn’t impacted your finances yet, it likely soon will. The incoming president’s first 30 days were characterized by a flurry of executive orders, but it was old-fashioned legislation that will probably have the biggest impact of all. That, of course, is a reference to President Joe Biden’s $1.9 trillion coronavirus relief package, but your wallet will almost certainly feel the arrival of the new administration in other ways, too. Keep up with changing times and move into 2021 fully informed by taking a few minutes to peruse these articles about Biden’s first month. They’re short, informative, easy to read and filled with the most accurate and up-to-date information about the new administration’s record out of the gate so far

Vote: If You Get a Stimulus Check, How Will You Use It? Take Our Poll

Stimulus and COVID-19 Relief

Despite striking out on the $15 minimum wage, Biden’s third round of COVID-19 stimulus appears to be moving forward mostly intact. The much-talked-about $1,400 checks are about to become a reality, but eligibility requirements have changed. Find out if you’ll get a check, when you could get it and how much it’d be for: 

Building Wealth

If you’re one of the millions of homeowners who applied for mortgage relief, Biden’s first 30 days brought some welcome news: 

Although Biden’s bolstering of the critically important but neglected Centers for Disease Control and Prevention doesn’t directly affect your finances, the health of the agency certainly will in the long run: 

The Markets

Although the president doesn’t exert any direct control over the stock market, you’d better believe the market reacts to the president’s words and actions. Already in Biden’s young administration, the stock market has witnessed some wild swings that you likely notice in your 401(k): 

Debt and Interest Rates

Students with college loan debt were disappointed to learn that Biden’s no is final on helping them dig out of debt:

Experian, TransUnion and Equifax have long been the gatekeepers of your credit score. Now, Biden is floating the idea of doing away with credit bureaus altogether:

Interest rates were at record lows, then they soared when bond yields changed. Even if you’re not a bond investor or in the market for a loan, changing interest rates affect you. Biden’s arrival is expected to cause rates to change even further in the near future. Brush up on what it means for you before that happens with this installment of the GOBankingRates Economy Explained series:  

Taxes

The signature legislative accomplishment of former President Donald Trump’s administration was the 2017 Tax Cuts and Jobs Act. Biden has vowed to undo some of that and institute several major changes of his own. 

Building Wealth

Biden has vowed to increase taxes on the wealthy, but depending on your situation, you might be paying more, too: 

About Biden

American history is full of plenty of fabulously wealthy presidents. Joe Biden isn’t one of them, but he’s not exactly just scraping by, either.  

Also See: How Rich Are Donald Trump and All the Other Living US Presidents?

Beyond Biden

The Democrats won a stunning double victory in the Georgia special runoff elections. That gave them control of the Senate as well as the House and the Oval Office. It changed everything, and the ripple effects will eventually reach your bank account — here’s how: 

Interested in how Biden’s first month measures up against the first month of outgoing President Trump? Here are the numbers that tell the tale: 

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About the Author

Andrew Lisa has been writing professionally since 2001. An award-winning writer, Andrew was formerly one of the youngest nationally distributed columnists for the largest newspaper syndicate in the country, the Gannett News Service. He worked as the business section editor for amNewYork, the most widely distributed newspaper in Manhattan, and worked as a copy editor for TheStreet.com, a financial publication in the heart of Wall Street's investment community in New York City.

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